Elutia Announces Second Quarter 2024 Results
Elutia (Nasdaq: ELUT) announced its financial results for Q2 2024. Key highlights include FDA clearance for EluPro, the first antibiotic-eluting BioEnvelope for implantable electronic devices, and a successful FDA inspection of its manufacturing facility. The company has commenced EluPro's production and expanded its commercial team. Financially, net sales were steady at $6.3 million. CanGaroo and SimpliDerm sales rose by 19% and 7% respectively, while cardiovascular product sales dropped 38%. Gross margin improved to 45% from 43%. However, total operating expenses increased to $11.3 million, resulting in a higher net loss of $28.2 million, primarily due to a non-cash charge of $18.3 million related to warrant revaluation. Adjusted EBITDA showed an improved loss of $2.9 million. The cash balance stood at $18.2 million, not including $13.8 million from warrant exercises post-quarter.
Elutia (Nasdaq: ELUT) ha annunciato i risultati finanziari per il secondo trimestre del 2024. Tra i punti salienti vi è l'approvazione da parte della FDA per EluPro, il primo BioEnvelope con rilascio di antibiotici per dispositivi elettronici impiantabili, e un'ispezione della FDA di successo presso il suo stabilimento di produzione. L'azienda ha avviato la produzione di EluPro e ampliato il suo team commerciale. Dal punto di vista finanziario, le vendite nette sono rimaste stabili a 6,3 milioni di dollari. Le vendite di CanGaroo e SimpliDerm sono aumentate rispettivamente del 19% e del 7%, mentre le vendite di prodotti cardiovascolari sono diminuite del 38%. Il margine lordo è migliorato dal 43% al 45%. Tuttavia, le spese operative totali sono aumentate a 11,3 milioni di dollari, portando a una perdita netta più elevata di 28,2 milioni di dollari, principalmente a causa di un onere non monetario di 18,3 milioni di dollari legato alla rivalutazione dei warrant. L'EBITDA rettificato ha mostrato una perdita migliorata di 2,9 milioni di dollari. La disponibilità di cassa si attesta a 18,2 milioni di dollari, a cui si aggiungono 13,8 milioni di dollari provenienti dall'esercizio dei warrant dopo il trimestre.
Elutia (Nasdaq: ELUT) anunció sus resultados financieros para el segundo trimestre de 2024. Los aspectos destacados incluyen la aprobación de la FDA para EluPro, el primer BioEnvelope que libera antibióticos para dispositivos electrónicos implantables, y una inspección exitosa de la FDA en su instalación de fabricación. La empresa ha comenzado la producción de EluPro y ha ampliado su equipo comercial. Desde el punto de vista financiero, las ventas netas se mantuvieron estables en 6,3 millones de dólares. Las ventas de CanGaroo y SimpliDerm aumentaron un 19% y un 7%, respectivamente, mientras que las ventas de productos cardiovasculares cayeron un 38%. El margen bruto mejoró del 43% al 45%. Sin embargo, los gastos operativos totales aumentaron a 11,3 millones de dólares, resultando en una mayor pérdida neta de 28,2 millones de dólares, principalmente debido a un cargo no monetario de 18,3 millones de dólares relacionado con la revalorización de warrants. El EBITDA ajustado mostró una pérdida mejorada de 2,9 millones de dólares. El saldo de efectivo se situó en 18,2 millones de dólares, sin incluir 13,8 millones de dólares derivados del ejercicio de warrants después del trimestre.
Elutia (Nasdaq: ELUT)은 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트로는 EluPro에 대한 FDA 승인, 이식형 전자 장치를 위한 최초의 항생제 방출 BioEnvelope, 그리고 제조 시설에 대한 성공적인 FDA 검사 포함됩니다. 회사는 EluPro의 생산을 시작하고 상업 팀을 확대했습니다. 재무적으로, 순 매출은 630만 달러로 안정세를 유지했습니다. CanGaroo와 SimpliDerm의 매출은 각각 19% 및 7% 증가했으나, 심혈관 제품의 매출은 38% 감소했습니다. 총 이익률은 43%에서 45%로 개선되었습니다. 그러나 총 운영 비용은 1,130만 달러로 증가하여 순손실이 2,820만 달러로 증가했으며, 이는 주식 인수권 재평가와 관련된 비현금 비용 1,830만 달러 때문입니다. 조정된 EBITDA는 290만 달러의 손실 개선을 보였습니다. 현금 잔액은 1,820만 달러로, 분기 후 주식 인수권 행사로 인한 1,380만 달러는 포함되지 않았습니다.
Elutia (Nasdaq: ELUT) a annoncé ses résultats financiers pour le deuxième trimestre de 2024. Les points saillants comprennent l'approbation de la FDA pour EluPro, le premier BioEnvelope à libération d'antibiotiques pour dispositifs électroniques implantables, ainsi qu'une inspection réussie de la FDA de son installation de fabrication. L'entreprise a commencé la production d'EluPro et élargi son équipe commerciale. D'un point de vue financier, les ventes nettes sont restées stables à 6,3 millions de dollars. Les ventes de CanGaroo et SimpliDerm ont augmenté de 19% et 7% respectivement, tandis que les ventes de produits cardiovasculaires ont chuté de 38%. La marge brute s'est améliorée de 43% à 45%. Cependant, les dépenses d'exploitation totales ont augmenté à 11,3 millions de dollars, entraînant une perte nette plus élevée de 28,2 millions de dollars, principalement due à une charge non monétaire de 18,3 millions de dollars liée à la réévaluation des warrants. L'EBITDA ajusté a montré une perte améliorée de 2,9 millions de dollars. Le solde de trésorerie s'élevait à 18,2 millions de dollars, sans inclure 13,8 millions de dollars provenant de l'exercice des warrants après le trimestre.
Elutia (Nasdaq: ELUT) hat seine Finanzergebnisse für das zweite Quartal 2024 bekannt gegeben. Zu den wichtigsten Punkten gehört die FDA-Zulassung für EluPro, das erste antibiotikafreisetzende BioEnvelope für implantierbare elektronische Geräte, sowie eine erfolgreiche FDA-Inspektion seiner Produktionsstätte. Das Unternehmen hat die Produktion von EluPro aufgenommen und sein Verkaufsteam erweitert. Finanziell blieben die Nettoumsätze mit 6,3 Millionen Dollar stabil. Die Verkäufe von CanGaroo und SimpliDerm stiegen um 19% bzw. 7%, während die Verkäufe von kardiovaskulären Produkten um 38% zurückgingen. Die Bruttomarge verbesserte sich von 43% auf 45%. Allerdings stiegen die operativen Gesamtkosten auf 11,3 Millionen Dollar, was zu einem höheren Nettverlust von 28,2 Millionen Dollar führte, hauptsächlich aufgrund einer nicht zahlungswirksamen Belastung von 18,3 Millionen Dollar im Zusammenhang mit der Neubewertung von Warrants. Das angepasste EBITDA zeigte einen verbesserten Verlust von 2,9 Millionen Dollar. Der Kassenbestand belief sich auf 18,2 Millionen Dollar, ohne 13,8 Millionen Dollar aus der Ausübung von Warrants nach dem Quartal.
- FDA clearance received for EluPro.
- Successful FDA inspection of manufacturing facility.
- CanGaroo sales increased by 19% to $2.6 million.
- SimpliDerm sales rose by 7% to $2.6 million.
- Gross margin improved to 45%, up from 43%.
- Adjusted EBITDA loss improved to $2.9 million.
- Cardiovascular product sales fell by 38% to $1.1 million.
- Total operating expenses increased to $11.3 million.
- Net loss increased to $28.2 million, primarily due to an $18.3 million non-cash charge related to warrant revaluation.
Insights
Elutia's Q2 2024 results show mixed performance. While overall net sales remained flat at
The company's gross margin improved slightly to
The FDA clearance of EluPro® marks a significant milestone for Elutia. As the first antibiotic-eluting BioEnvelope for implantable electronic devices, it addresses a critical need in infection prevention for pacemakers, defibrillators and neuromodulation devices. The successful FDA inspection of the manufacturing facility further validates the product's quality and readiness for market.
The enthusiastic response from potential partners and healthcare professionals suggests strong market potential. However, the true test will be in the commercial launch and adoption rates. The expansion of commercial teams for both EluPro and SimpliDerm indicates a strategic focus on market penetration. The appointment of Dr. Ryan Marques as VP of Operations could strengthen operational efficiency, important for scaling production and meeting potential demand.
Elutia's positioning in the multi-billion-dollar pacemaker and defibrillator market with EluPro® presents significant growth potential. The company's focus on value analysis committee submissions and coordinated launch efforts demonstrate a strategic approach to market entry. However, success will depend on effective execution and market acceptance.
The flat overall sales suggest challenges in revenue growth, but the increased sales in CanGaroo and SimpliDerm are encouraging signs of product traction. The decline in Cardiovascular product sales due to the new distribution arrangement with LeMaitre Vascular may impact short-term revenues but could potentially lead to improved market reach long-term. Investors should closely monitor the EluPro launch and its impact on future revenue streams, as well as the company's ability to control expenses and improve profitability.
Launch Production of EluPro® Underway, Commercial Team Expansion Continues, Financial Position Solidified
SILVER SPRING, Md., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Elutia Inc. (Nasdaq: ELUT) (“Elutia” or the “Company”), a pioneer in drug-eluting biomatrix products, today provided a business update and financial results for the second quarter ended June 30, 2024.
Business Highlights:
- Received FDA clearance for EluPro®, the first antibiotic-eluting BioEnvelope for protecting patients with implantable electronic devices, including pacemakers, defibrillators, and neuromodulation devices.
- Completed a successful FDA inspection of the EluPro and CanGaroo manufacturing facility in Roswell, GA.
- Commenced manufacturing of EluPro ahead of commercial launch.
- Received enthusiastic responses from potential industry partners, treating physicians and hospital purchasing organizations regarding EluPro's availability.
- Strengthened the balance sheet with approximately
$29.0 million in gross proceeds from a registered direct offering and exercise of warrants. - Appointed industry veteran Ryan Marques, Ph.D., MBA, as Vice President of Operations.
- Initiated the expansion of commercial teams for both EluPro and SimpliDerm.
“With the FDA clearance of EluPro, we are equipped with what we believe is a superior product, which is bringing us significant attention from a range of participants in the multi-billion-dollar pacemaker and defibrillator market,” said Dr. Randy Mills, Elutia’s Chief Executive Officer. “Additionally, our manufacturing and quality systems were evaluated by the FDA with no deficiencies noted, clearing the way for commercial production of EluPro. Simultaneously, we have initiated the value analysis committee submission process, all in a coordinated effort to ensure this revolutionary product reaches our surgeon partners, enabling them to provide the best care for their patients.”
Dr. Mills continued, “With a robust financial position, we are laser focused on the successful launch of EluPro and further expanding our commercial footprint. We are systematically building our commercial teams for both EluPro and SimpliDerm and intensifying business development efforts to extend the reach of our drug-eluting biomatrix technology into adjacent markets covered under the EluPro approval. I want to thank our incredible team, who did a beautiful job executing on our plan to maximize the value of Elutia for all stakeholders.”
Second Quarter 2024 Financial Results
For the three-month period ended June 30, 2024, as compared to the same period of 2023:
- Overall net sales were essentially unchanged at
$6.3 million . - Net sales of CanGaroo increased
19% to$2.6 million , compared to$2.2 million . - Net sales of SimpliDerm increased
7% to$2.6 million , compared to$2.4 million . - Net sales of Cardiovascular products were
$1.1 million , a decrease of38% , reflecting the start of the Company’s exclusive distribution relationship with LeMaitre Vascular in April 2023. - Gross margin on a GAAP basis was
45% , compared to43% . The year-over-year increase was primarily due to rectifying non-production issues in the SimpliDerm product line. - Adjusted gross margin (a non-GAAP measure which excludes non-cash amortization of intangibles) was
58% , compared to56% . - Total operating expenses were
$11.3 million , compared to$9.0 million . The increase included higher general and administrative, sales and marketing and research and development expenses. - Loss from operations was
$8.5 million , compared to$6.3 million . - Net loss was
$28.2 million , compared to a net loss of$10.6 million . The increased net loss was primarily due to an$18.3 million non-cash charge in the second quarter of 2024 related to the revaluation of the Company’s liability on warrants and pre-funded warrants related to the Company’s September 2023 private placement financing. - Adjusted EBITDA (a non-GAAP measure that excludes from net loss certain non-operating, non-cash and non-recurring items) was a loss of
$2.9 million , compared to a loss of$3.4 million . A reconciliation of net loss to adjusted EBITDA is included in the accompanying financial tables. - Cash balance as of June 30, 2024, was
$18.2 million and does not reflect approximately$13.8 million in proceeds received from the exercise of outstanding warrants following the end of the quarter.
Conference Call
Elutia will host a conference call today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss its second quarter 2024 financial results and performance.
The conference call can be accessed using the following information:
Webcast: Click here
U.S. Investors: 877-407-8029
International Investors: 201-689-8029
Conference ID: 13747696
About Elutia
Elutia develops and commercializes drug-eluting biomatrix products to improve compatibility between medical devices and the patients who need them. With a growing population in need of implantable technologies, Elutia’s mission is humanizing medicine so patients can thrive without compromise. For more information, visit www.Elutia.com.
Non-GAAP Disclosure
In addition to the Company's financial results determined in accordance with U.S. GAAP, the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. The Company presents in this press release the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted gross margin and adjusted gross profit. The Company defines EBITDA as GAAP net loss excluding interest expense, income tax expense, depreciation and amortization, and the Company defines adjusted EBITDA as EBITDA excluding income from discontinued operations, stock-based compensation, FiberCel litigation costs, loss on extinguishment of debt, net of gain on debt forgiveness, loss on revaluation of warranty liability and gain on revaluation of revenue interest obligation. The Company defines adjusted gross profit and adjusted gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding amortization of acquired intangible assets. The amortization of these intangible assets will recur in future periods until such intangible assets have been fully amortized. Management believes that presentation of non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. The Company uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. Non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. For a reconciliation of these non-GAAP measures to GAAP, see below “Non-GAAP Reconciliations of EBITDA and Adjusted EBITDA” and “Non-GAAP Reconciliations of Adjusted Gross Profit and Adjusted Gross Margin.”
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including any statements and information concerning our future interactions with the U.S. Food and Drug Administration (“FDA”); preparations for the launch of EluPro, including the timing and anticipated success thereof; the size of the pacemaker and implantable defibrillator protection market and the potential of EluPro to compete in that market; and the potential for applying our drug-eluting biomatrix technology into adjacent markets. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements, including, but not limited to the following: our ability to obtain regulatory approval or other marketing authorizations by the FDA and comparable foreign authorities for our products and product candidates; our ability to continue as a going concern; the risk of product liability claims and our ability to obtain or maintain adequate product liability insurance; our ability to defend against the various lawsuits and claims related to our recalled FiberCel and other viable bone matrix products and avoid a material adverse financial consequence from those lawsuits and claims; our ability to achieve or sustain profitability; our ability to enhance our products, expand our product indications and develop, acquire and commercialize additional product offerings; our dependence on our commercial partners and independent sales agents to generate a substantial portion of our net sales; our dependence on a limited number of third-party suppliers and manufacturers, which, in certain cases are exclusive suppliers for products essential to our business; our ability to successfully realize the anticipated benefits of the November 2023 sale of our Orthobiologics business; physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; the continued and future acceptance of our products by the medical community; our ability to compete against other companies, most of which have longer operating histories, more established products and/or greater resources than we do; pricing pressure as a result of cost-containment efforts of our customers, purchasing groups, third-party payors and governmental organizations could adversely affect our sales and profitability; and our ability to obtain, maintain and adequately protect our intellectual property rights; and other important factors which can be found in the “Risk Factors” section of Elutia’s public filings with the Securities and Exchange Commission (“SEC”), including Elutia’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in Elutia’s other filings with the SEC, including Elutia’s Quarterly Reports on Form 10-Q, accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Elutia’s website at https://investors.elutia.com. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made by Elutia in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, Elutia expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investors:
Matt Steinberg
FINN Partners
matt.steinberg@finnpartners.com
| ELUTIA INC. | ||||||||||||
| CONSOLIDATED BALANCE SHEET DATA | ||||||||||||
| (Unaudited, in thousands) | ||||||||||||
| Assets | June 30, 2024 | December 31, 2023 | ||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 18,188 | $ | 19,276 | ||||||||
| Accounts receivable, net | 3,518 | 3,263 | ||||||||||
| Inventory | 3,115 | 3,853 | ||||||||||
| Receivables of litigation costs | 4,421 | 2,696 | ||||||||||
| Prepaid expense and other current assets | 1,109 | 2,165 | ||||||||||
| Total current assets | 30,351 | 31,253 | ||||||||||
| Property and equipment, net | 159 | 172 | ||||||||||
| Intangible assets, net | 9,972 | 11,671 | ||||||||||
| Operating lease right-of-use assets, and other | 1,422 | 332 | ||||||||||
| Total assets | $ | 41,904 | $ | 43,428 | ||||||||
| Liabilities and Stockholders' Deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued expenses and other current liabilities | $ | 11,273 | $ | 12,676 | ||||||||
| Current portion of long-term debt | 3,449 | 3,321 | ||||||||||
| Current portion of revenue interest obligation | 4,400 | 11,741 | ||||||||||
| Contingent liability for legal proceedings | 20,198 | 15,024 | ||||||||||
| Current operating lease liabilities | 488 | 275 | ||||||||||
| Total current liabilities | 39,808 | 43,037 | ||||||||||
| Long-term debt | 18,873 | 20,356 | ||||||||||
| Long-term revenue interest obligation | 6,972 | 5,360 | ||||||||||
| Warrant liability | 39,018 | 12,760 | ||||||||||
| Other long-term liabilities | 1,571 | 515 | ||||||||||
| Total liabilities | 106,242 | 82,028 | ||||||||||
| Stockholders' equity (deficit): | ||||||||||||
| Common stock | 28 | 23 | ||||||||||
| Additional paid-in capital | 157,452 | 137,021 | ||||||||||
| Accumulated deficit | (221,818 | ) | (175,644 | ) | ||||||||
| Total stockholders' equity (deficit) | (64,338 | ) | (38,600 | ) | ||||||||
| Total liabilities and stockholders' equity | $ | 41,904 | $ | 43,428 | ||||||||
| ELUTIA INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
| (Unaudited, in thousands, except share and per share data) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 6,291 | $ | 6,351 | $ | 12,985 | $ | 12,743 | |||||||
| Cost of goods sold | 3,492 | 3,637 | 7,343 | 6,655 | |||||||||||
| Gross profit | 2,799 | 2,714 | 5,642 | 6,088 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 3,330 | 3,022 | 6,639 | 7,713 | |||||||||||
| General and administrative | 4,689 | 3,861 | 9,745 | 7,381 | |||||||||||
| Research and development | 1,001 | 869 | 2,173 | 2,460 | |||||||||||
| FiberCel litigation costs | 2,289 | 1,271 | 4,074 | 3,182 | |||||||||||
| Total operating expenses | 11,309 | 9,023 | 22,631 | 20,736 | |||||||||||
| Loss from operations | (8,510 | ) | (6,309 | ) | (16,989 | ) | (14,648 | ) | |||||||
| Interest expense | 1,267 | 1,409 | 2,580 | 2,839 | |||||||||||
| Other (income) expense, net | 18,594 | - | 26,788 | - | |||||||||||
| Loss before provision of income taxes | (28,371 | ) | (7,718 | ) | (46,357 | ) | (17,487 | ) | |||||||
| Provision for income taxes | (11 | ) | 12 | (3 | ) | 24 | |||||||||
| Net loss from continuing operations | (28,360 | ) | (7,730 | ) | (46,354 | ) | (17,511 | ) | |||||||
| Income (loss) from discontinued operations | 180 | (2,891 | ) | 180 | (1,084 | ) | |||||||||
| Net Loss | (28,180 | ) | (10,621 | ) | (46,174 | ) | (18,595 | ) | |||||||
| Net loss from continuing operations per share | |||||||||||||||
| basic and diluted | $ | (1.14 | ) | $ | (0.48 | ) | $ | (1.90 | ) | $ | (1.08 | ) | |||
| Net income (loss) from discontinued operations per share | |||||||||||||||
| basic and diluted | $ | 0.01 | $ | (0.18 | ) | $ | 0.01 | $ | (0.07 | ) | |||||
| Weighted average common shares outstanding - | |||||||||||||||
| basic and diluted | 24,900,167 | 16,223,919 | 24,408,651 | 16,208,905 | |||||||||||
| ELUTIA INC. | ||||||||||||||||
| NON-GAAP RECONCILIATIONS OF ADJUSTEDGROSS PROFIT AND ADJUSTED GROSS MARGIN | ||||||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 6,291 | $ | 6,351 | $ | 12,985 | $ | 12,743 | ||||||||
| Gross profit | 2,799 | 2,714 | 5,642 | 6,088 | ||||||||||||
| Intangible asset amortization expense | 849 | 849 | 1,699 | 1,699 | ||||||||||||
| Adjusted gross profit (Non-GAAP) | $ | 3,648 | $ | 3,563 | $ | 7,341 | $ | 7,787 | ||||||||
| Gross margin | 44.5 | % | 42.7 | % | 43.5 | % | 47.8 | % | ||||||||
| Adjusted gross margin percentage (Non-GAAP) | 58.0 | % | 56.1 | % | 56.5 | % | 61.1 | % | ||||||||
| ELUTIA INC. | ||||||||||||||||
| NON-GAAP RECONCILIATIONS OFEBITDA AND ADJUSTED EBITDA | ||||||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (28,180 | ) | $ | (10,621 | ) | $ | (46,174 | ) | $ | (18,595 | ) | ||||
| Interest expense(1) | 1,267 | 1,409 | 2,580 | 2,839 | ||||||||||||
| Provision (benefit) for income taxes | (11 | ) | 12 | (3 | ) | 24 | ||||||||||
| Depreciation and amortization | 862 | 943 | 1,726 | 1,880 | ||||||||||||
| Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (Non-GAAP) | (26,062 | ) | (8,257 | ) | (41,871 | ) | (13,852 | ) | ||||||||
| Income from discontinued operations | (180 | ) | 2,891 | (180 | ) | 1,084 | ||||||||||
| Stock-based compensation | 2,711 | 672 | 4,909 | 1,351 | ||||||||||||
| FiberCel litigation costs(2) | 2,289 | 1,271 | 4,074 | 3,182 | ||||||||||||
| Loss on revaluation of warranty liability(3) | 18,337 | - | 27,974 | - | ||||||||||||
| Gain on revaluation of revenue interest obligation(4) | - | - | (1,443 | ) | - | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (2,905 | ) | $ | (3,423 | ) | $ | (6,537 | ) | $ | (8,235 | ) | ||||
| (1) | Represents interest expense recorded on all outstanding long-term debt as well as the revenue interest obligation. |
| (2) | Represents FiberCel litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding FiberCel litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. |
| (3) | Represents non-cash expense attributable to the revaluation of Common Warrants and Prefunded Warrants issued in connection with a private offering of Class A common stock on September 21, 2023. |
| (4) | Represents the gain on the revaluation of the revenue interest obligation. At each reporting period, the value of the revenue interest obligation is re-measured based on current estimates of future payments, with changes to be recorded in the consolidated statements of operations using the catch-up method. |
FAQ
What were Elutia's net sales for Q2 2024?
How did CanGaroo sales perform in Q2 2024?
What was Elutia's gross margin in Q2 2024?
What were Elutia's operating expenses in Q2 2024?
What contributed to Elutia's increased net loss in Q2 2024?
How did cardiovascular product sales perform in Q2 2024?
What is Elutia's cash balance as of June 30, 2024?
